Quantum Delta NL Launches 2Million Euro ‘LightSpeed Fund 1’ Micro Fund for Quantum Startups
(QuantumDelta) Quantum Delta NL announces the launch of a two million euro micro fund called ‘LightSpeed Fund 1’. The fund will focus on supporting early stage quantum startups. Delft-based startup and participant in the LightSpeed program, QuantWare, is the first startup to receive funding.
The fund is part of Quantum Delta NL’s strategic roadmap to increase the number of successful quantum startups in the Netherlands. Currently, there are seven quantum startups in the Netherlands, and Quantum Delta NL is on a mission to see this number increase to 100 by 2027. These companies are considered to become of great value to the Dutch economy.
In pursuit of this goal, last month Quantum Delta NL launched its new initiative, LightSpeed. Lightspeed is a program connecting Dutch quantum startups in all phases, where the startups receive tailored assistance and guidance to scale up their businesses and optimize their attractiveness to top-tier investors. Specifically for the initiative, efforts were made to approach and bring in European and American funds with a wealth of experience to support startups. Lightspeed aims to create optimal conditions to build sustainable and future-proof startups.
Following today’s launch of the micro fund, managed by LightSpeed, Quantum Delta NL awards pre-seed tickets amounting to 50,000 euros each to early-stage startups in the field of quantum technology. LightSpeed adapted a modern instrument that is straightforward, founder-friendly and fills the gap in the earliest stage for quantum technology startups: the SAFE note (Simple Agreement for Future Equity). This approach gives startups the maximum flexibility needed in the earliest stages, particularly in the quantum technology space as development timelines and road to profitability extend far beyond that of classic startups. The investment does not have to be repaid, as with a traditional convertible loan or note, if a startup fails to advance.
Quantum Delta NL’s Investor in Residence Ton van ‘t Noordende clarifies: “The Netherlands has a top position globally if we look at the number of quantum technology startups. This is unfortunately not the case on the capital side as there is virtually no professional venture capital available for early stage quantum startups. Our goal with Lightspeed is to enable founders to get the best possible start of their company.”
Quantum Delta NL has currently allocated two million euros for the pre-seed tickets and intends to award 5 to 15 tickets in fiscal year 2021/2022 and 35 to 40 tickets over the total period. The budget will be increased once Phase 1 of the National Growth Fund Program is underway.